The final fun fact about Turkey this week is a very simple one: Metair's sale of their Turkish business is key to the group being able to survive without major pain for shareholders in the form of a capital raise. With Metair having now released results, it's clear that they are barely treading water at the moment. The sale will do wonders for the balance sheet. For their sake, I hope it goes ahead as quickly as possible.
This sets the tone for a generally bearish day of news. I've written quite a bit about disruption in the new car industry. CMH's latest guided numbers suggest that I might be right, with a substantial drop in HEPS. We need to wait and see what management says when detailed results come out, particularly about the threat of Chinese brands.
Over at Barloworld, they are dealing with a decline in the mining sector in South Africa and the resultant impact on the equipment business. At least they have Mongolia as a major highlight, even if the Russian business is causing considerable headaches.
These are just some of the highlights of a really busy day of local news. It also included several updates in the property sector from Burstone, Emira and Safari Investments, as well as disappointing growth at Old Mutual and the news of FirstRand absorbing the clients and staff of HSBC South Africa.
Get it all in Ghost Bites, your one-click SENS summary at this link>>>
For traders, managing risk exposure is critical. There are a variety of ways to do it, ranging from position sizing and stop losses through to giving yourself a better chance by learning how to read charts. In the latest episode of The Trader's Handbook, I spoke with Shaun Murison of IG Markets South Africa about these concepts. The full podcast and detailed transacript is available here>>>
As is the norm each Friday, DealMakers is here with your summaries of the week's news in local M&A, local corporate finance and deals in Africa. There's also a piece on recent developments in shareholder protection.
Have a great Friday and I look forward to seeing you on Sunday morning for Ghost Mail Weekender.